Posts Tagged ‘employee retention credit’ | Page 2

How To Record The Employee Retention Credit In Financial Statements

How you record the ERC as a journal entry depends on when you claimed the credit and if you received it as a refund. You can record the transaction by debiting the Income Tax Expense account and crediting the Cash account if you claimed the ERC on your quarterly return. If you filed an amended return to receive a refund, you will record a debit in your Cash account and a debit under the Income Tax Expense account.

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Sep 18, 2023 Filed under: Accounting, Bookkeeping, Invoicing, Employee Retention Credit

How To Apply For The Employee Retention Tax Credit

While the ERC can be daunting, it is a great way to pay yourself back for keeping your employees on payroll during the different economic shutdowns we experienced in 2020 and beyond. Take some of the stress out of a potentially overwhelming process and consider hiring a professional to help you apply for the ERC. Research never hurts and who knows, you could learn that you’re more of an expert than you thought!

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Sep 18, 2023 Filed under: Accounting, Bookkeeping, Invoicing, Employee Retention Credit
employee retention tax credit

The Complete Guide To Understanding & Receiving The Employee Retention Tax Credit

One form of relief offered to small businesses is the Employee Retention Tax Credit. First introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act, this tax credit could be claimed by eligible employers on quarterly tax returns. This program was expanded by the Consolidated Appropriations Act signed into law in December 2020, making the credit accessible to more employers.

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Sep 18, 2023 Filed under: Accounting, Bookkeeping, Invoicing, Employee Retention Credit